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China’s high-net-worth population on the rise


China boasted 3.16 million high-net-worth individuals with more than CNY10m each in investable assets in 2022, totaling CNY101tr, as per a China Merchants Bank report. Concentrated in eastern provinces, their average assets surpassed CNY31m. Although 90% still preferred moderate or low-risk assets, due to the pandemic and the slow stock market, interest in investing in high-yield, high-risk ventures is increasing. Notably, gold and private equity are drawing attention, while real estate investments are decreasing. The rich demographic is also becoming younger, with nearly 50% under 40—a 7% rise from 2021. Despite a dip in the new economy sector, regions like Guangdong, Shanghai, and Beijing saw over 100,000 wealthy individuals. Projections suggest a growth rate of 11% for this demographic, with national liquid assets potentially reaching CNY300tr by 2024.

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